MicroAlgo Inc., a Cayman Islands exempted company, has announced the issuance and sale of up to $2,900,000 in ordinary shares. The company, which specializes in the development and application of bespoke central processing algorithms, is incorporated in the Cayman Islands but conducts its business operations primarily through its subsidiaries in China. The ordinary shares are listed on the Nasdaq Capital Market under the symbol 'MLGO.' The prospectus supplement, dated January 10, 2024, details the offering, which is subject to certain conditions and is expected to close after January 10, 2024. The net proceeds from the offering are intended for working capital and general corporate purposes. MicroAlgo Inc. is not considered a PRC resident enterprise for tax purposes and does not expect to be treated as such. However, the company acknowledges the uncertainty regarding the interpretation of 'de facto management body' by PRC tax authorities, which could potentially change its tax obligations. The company also highlighted the risks associated with being classified as a Passive Foreign Investment Company (PFIC) and the implications for U.S. investors.

MicroAlgo Inc., a Cayman Islands exempted company, has announced the issuance and sale of up to $2,900,000 in ordinary shares. The company, which specializes in the development and application of bespoke central processing algorithms, is incorporated in the Cayman Islands but conducts its business operations primarily through its subsidiaries in China. The ordinary shares are listed on the Nasdaq Capital Market under the symbol 'MLGO.' The prospectus supplement, dated January 10, 2024, details the offering, which is subject to certain conditions and is expected to close after January 10, 2024. The net proceeds from the offering are intended for working capital and general corporate purposes. MicroAlgo Inc. is not considered a PRC resident enterprise for tax purposes and does not expect to be treated as such. However, the company acknowledges the uncertainty regarding the interpretation of 'de facto management body' by PRC tax authorities, which could potentially change its tax obligations. The company also highlighted the risks associated with being classified as a Passive Foreign Investment Company (PFIC) and the implications for U.S. investors.